Steven Chambers, analyst at Hosking Partners, interviews CLSA’s John Seagrim and Jeremy Hosking for the third episode of Capital Cyclists.
John started his career as an equities broker 10 days before Black Monday in October 1987. Two years later he joined Lehman Brothers just as the Japanese stock market peaked, and, in his own words ‘has been riding, or more accurately sliding, with Japan ever since’. From a stock market perspective, Japan has seldom been as insignificant as it is today, it represents a little over 4% of the aggregate global stock market capitalisation despite being one of the world’s largest economies. John and Jeremy think this is the nadir for equity valuations. Their discussion is hot on the heels of Jeremy’s recent investor trip and Hosking Partners’ first overweight exposure to Japan. They perceive extraordinary, often hidden, value in Japanese equities at a moment when the country appears to be at an historic turning point.
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